Jump to content

House Committee on Finance (Nigeria)

Add links
From Wikipedia, the free encyclopedia

House Committee on Finance
AbbreviationHCOF
FounderNational Assembly of Nigeria
TypeStanding Committee
Legal statusActive
PurposeOversight of public finance, revenue generation, fiscal policy, and national budgeting
HeadquartersNational Assembly, Abuja, Nigeria
Region served
Nigeria
Official language
English
Chairman
James Faleke
Deputy Chairman
Abubakar Makki Yalleman
Main organ
Federal House of Representatives
Parent organization
National Assembly of Nigeria
AffiliationsMinistry of Finance, Budget, and National Planning
WebsiteOfficial Website
RemarksResponsible for monitoring Nigeria’s fiscal discipline and revenue policies   

The House Committee on Finance is a standing committee of the House of Representatives in Nigeria.[1] The committee is responsible for overseeing financial matters in the country, including revenue generation, budget planning, and fiscal policies.[2]

The committee was created under Decree No. 24 of 1989, which established the legislative structure of the National Assembly of Nigeria following the military regime's restructuring of Nigeria's governance. The decree was part of the efforts to formalize the legislative procedures and the functions of various committees within the National Assembly

As of 2025, the committee is led by Honourable James Faleke as chairman and Honourable Abubakar Makki Yalleman as deputy chairman.[3][4] The committee plays an important role in ensuring that public funds are used transparently and government spending is sustainable.[5]

History

[edit]

The House Committee on Finance is one of the House of Representatives' standing committees in Nigeria. It was created to oversee the country's financial matters, such as national revenue generation, fiscal policies, budget planning, and monitoring government expenditures.[6]

The committee was initially formed as part of the legislative framework for financial oversight in Nigeria. Its creation responded to the growing need for transparency in the management of public funds, especially as the nation faced increasing demands for better fiscal accountability.[7]

Throughout its history, the committee has been crucial in evaluating and approving the national budget, scrutinizing the management of loans and financial resources, and advising on fiscal policies that impact the country's economic health. It also plays an essential role in ensuring that government agencies adhere to financial regulations and that public funds are utilized effectively. In recent years, it has expanded its functions to include oversight of Nigeria's external borrowings and foreign aid management, ensuring that such financial engagements do not harm the nation's fiscal stability.[8]

In addition to its oversight functions, the committee actively participates in discussions regarding revenue generation strategies. It is tasked with recommending measures to enhance the nation's revenue streams. It has also been involved in the investigation of financial mismanagement, such as the case involving the Nigerian National Petroleum Corporation (NNPC), which led to significant scrutiny under the leadership of Honourable Abdulmumin Jibrin, who served as chairman of the committee during the 7th Assembly.[9] Jibrin was instrumental in overseeing investigations into the NNPC's failure to remit funds to the federation account.[10]

The committee comprises elected representatives from different political parties, which ensures diverse political representation and expertise in fiscal matters. The committee's membership is also based on individual qualifications and experience in public finance, making the committee a central point for legislative discussions on financial policy in Nigeria.[11]

In recent years, the committee has been heavily involved in discussions on Nigeria's external borrowing plans, focusing on ensuring that loans are taken sustainably and responsibly. This aspect of its work has grown crucial as Nigeria continues to face pressure from international lenders and domestic needs for infrastructural development and fiscal reforms. The committee has ensured that such borrowing serves the national interest without exacerbating the country's debt burden.[12]

See also

[edit]

References

[edit]
  1. ^ "Guardians of the Public Purse: Reps tackle fiscal issues". Premium Times. Retrieved 2025-01-06.
  2. ^ "Shaping Nigeria's Economic Blueprint". Vanguard. Retrieved 2025-01-06.
  3. ^ Okojie, Kelvin (2023-07-21). "Faleke chairs finance committee, see full list of Abbass's 134 House committees". Business Day. Retrieved 2025-01-05.
  4. ^ "Economic Watchdogs: The Role of the House Committee on Finance". The Nation. Retrieved 2025-01-06.
  5. ^ "Transparency Advocates: Reps Committee Calls for Budget Audits". Daily Trust. Retrieved 2025-01-06.
  6. ^ "THE NATIONAL ASSEMBLY HOUSE COMMITTEE ON DEFENCE PAID AN OVERSIGHT VISIT TO THE MINISTRY OF DEFENCE ON THURSDAY 7TH MARCH 2024 AT ABUJA". Nigerian Defence Headquarters. No. 2024-03-08. Retrieved 2025-01-05.
  7. ^ Akoje, Juliet (2024-10-01). "House Committee Issues Ultimatum to Finance Ministry, Accountant General to Automate Foreign Revenue Collection". This day live. Retrieved 2025-01-05.
  8. ^ "Reps may fine banks for not providing access facilities for PWDs, says Bello el-Rufai". The cable nigeria. The cable nigeria. 2023-07-21. Retrieved 2025-01-05.
  9. ^ "Reps to investigate NNPC's $2.26bn debt". This day live. 2021-01-09. Retrieved 2025-01-05.
  10. ^ "Reps to investigate NNPC's $2.26bn debt". Punch Nigeria. 2021-01-19. Retrieved 2025-01-05.
  11. ^ Akowa, Tonye (2024-05-12). "Reps committee threatens to block accounts of agencies for not honouring invitations". Thenationonline.ng. Thenationonline.ng. Retrieved 2025-01-05.
  12. ^ Essien, Gloria (2024-02-11). "House Committee On Finance Approves FIRS 2024 Budget". Voice of Nigeria. Voice of Nigeria. Retrieved 2025-01-05.
[edit]
Retrieved from "https://en.wikipedia.org/w/index.php?title=House_Committee_on_Finance_(Nigeria)&oldid=1267978576"